Kazakhstan imposes buying limits for crypto single investors-regulation
Kazakhstan imposes buying limits for crypto single investors-regulation
The authorities in Kazakhstan have introduced restrictions on the quantities that small investors can buy in cryptocurrency on local stock exchanges. Officials justified the decision with the need to protect private individuals from the risks of digital financial investments.
investors in Kazakhstan can buy up to $ 1,000 per month in crypto without specifying income
Kazakhstan introduced limits for crypto purchases from private investors to the stock exchanges registered with the Astana International Financial Center ( aifc ), reported the local business news portal capital, referring to the ASTAS Financial Services Authority (AFSA).
In the publication, it is pointed out that the corresponding changes to the rules for the activities at the financial center in only Sultan in July proposed the AIFC regulatory committee for financial services and passed at the end of October. The AFSA commented on the changes and emphasized:
The limits are introduced to protect the interests of private investors, since transactions with digital assets are associated with high risks up to the complete loss of the capital used.
The authority has introduced two limit values. Without confirmation of their income and assets, small investors may acquire up to $ 1,000 per month in cryptocurrency. If you want to buy more coins, you have to state your income and assets. In this case, the non-professional investors can spend up to 10 % of their annual income or 5 % of their assets, but not more than $ 100,000.
The AFSA also found that a timetable for the development of the cryptomarkt in Kazakhstan has been approved and the authority is now taking steps to implement it by 2022. A pilot project for the opening of cryptocurrency exchanges at the capital's financial center will be launched at the end of this year, said officials and stated:
In the course of 2022, crypto exchanges are operated in test mode. At the end of the pilot project, changes to national legislation and AIFC laws may be made.
According to Arman Konushpaev, Vice President of the Blockchainkz Association of Developers and Users of Blockchain Technology, it is a global practice not to impose any professional investors. You will protect the restrictions from financial losses in investments in cryptocurrency, including various fraud schemes.
However,Konushpaev also noticed that there are some options for private investors to buy and sell cryptocurrencies outside of the authorized stock exchanges in the Astana International Financial Center. Deals can be agreed, for example, via telegram channels and WhatsApp chats or over decentralized trading platforms, he explained.
Do you expect Kazakhstan to develop a flourishing cryptocurrency market? Tell us in the comment area below.
Bedy verification : Shutterstock, Pixabay, Wiki Commons